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president obama, john boehner, nancy pelosi and harry reid, many mitch -- mitch mcconnell all in one room. danielle nottingham tells us it maybe the last chance to get any kind of agreement to avoid that fiscal cliff. >> reporter: president obama is meeting today at the white house with top congressional democrats harry reid and nancy pelosi and leading republicans mitch mcconnell and john boehner. it's the president's first meeting with congressional leaders since november 16th. the closed door discussions are an attempt to reach a last minute agreement to avoid automatic spending cuts and tax increases due to kick in january 1st. >> probably the worst case scenario will come out of this meeting today and that is we will kick the can down the road. >> reporter: senator bob courter told cbs this morning he predicts the meeting will bring only a temporary solution. >> this afternoon's meeting feels much to me like optics to make it look like we're doing something. let me just say one more time this is a total dereliction of duty at every level. >> reporter: going over the cliff would
president obama, john boehner, nancy pelosi and harry reid, many mitch -- mitch mcconnell all in one room. danielle nottingham tells us it maybe the last chance to get any kind of agreement to avoid that fiscal cliff. >> reporter: president obama is meeting today at the white house with top congressional democrats harry reid and nancy pelosi and leading republicans mitch mcconnell and john boehner. it's the president's first meeting with congressional leaders since november 16th. the...
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Dec 28, 2012
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and tonight, senator mitch mcconnell said that he was interested in hearing what the president proposes, elizabeth. >> sounds like right now there's a lot of finger- pointing but not a lot of problem-solving. >> reporter: exactly. and both sides again today, house speaker john boehner, he was saying that to his house republicans on the conference call he said, look, the house has already acted on this problem. it's passed two bills. it's up to the senate to actually present some legislation and move on it. he said the house is more than willing to act on anything the senate passes. they just have to do it now. >>> all that "fiscal cliff" talk gave wall street a wild ride today. the dow erased most of its 150- point deficit after promising news from washington. it ended up closing down 18 points. the nasdaq and s&p also closed down a bit. >>> just in tonight, america has lost one of its most decorated and beloved war heroes. general norman schwartzkopf died today. he raised as an army brat spent his life in the military. in vietnam he famously rescued fellow soldiers by marking land mine
and tonight, senator mitch mcconnell said that he was interested in hearing what the president proposes, elizabeth. >> sounds like right now there's a lot of finger- pointing but not a lot of problem-solving. >> reporter: exactly. and both sides again today, house speaker john boehner, he was saying that to his house republicans on the conference call he said, look, the house has already acted on this problem. it's passed two bills. it's up to the senate to actually present some...
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Dec 30, 2012
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. >> senate republican leader mitch mcconnel left the capitol tight lipped by smiling after working behind doors to avoid the so-called fiscal cliff. he and harry reid are working on a scale down agreement that focuses on avoiding a middle class tax hike. the plan is to present it to the senate for a vote on sunday and then send it over to the house. house speaker john boehner was at the capitol but left with no comment. the democrats insist the wealthy pay more in taxes. >> the president's tax hike would only fund the government for l days. americans deserve to know what does the president propose we do for the over 357 days of the year. sdmrsz -- >> president omaba insists his plan on the table is fair and includes plenty of cuts to government spending. >> we just afford a wound to our economy. >> if sunday's negotiations don't pan out the president says he's red to -- he's ready to propose his own scaled back bill that would preserve expiring unemployment benefits. >> with the deficit ticking higher -- >> it's disgusting. >> miss ing in all the last minute negotiations is talk of the 1.
. >> senate republican leader mitch mcconnel left the capitol tight lipped by smiling after working behind doors to avoid the so-called fiscal cliff. he and harry reid are working on a scale down agreement that focuses on avoiding a middle class tax hike. the plan is to present it to the senate for a vote on sunday and then send it over to the house. house speaker john boehner was at the capitol but left with no comment. the democrats insist the wealthy pay more in taxes. >> the...
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Dec 28, 2012
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obama will hold a "fiscal cliff" summit with nancy pelosi, john boehner, mitch mcconnell and harry reid and today's meeting may be the last realistic chance to come to an agreement before the end of the year. >> here we are five days from the new year and we might finally start talking. >> i don't know how it could happen time-wise. >> it could make its way through procedural hurdles every time only if every senator agrees not slow down the process. of the house won't be back in session until sunday night. >>> a former bay area city councilman is about to learn firsthand how washington works or doesn't. 31-year-old newly elected congressman is heading into a capitol hill quagmire. he said he is ready to bring small town solutions to capitol hill to help prevent and avoidable "fiscal cliff. >> i'm confident there can still be a buzzer beater here where we can beat the clock and deliver on middle class taxes. >> congressman swalwell will be the second youngest member congress to be sworn in on january 3. he leaves sunday for d.c. to pick up his new keys to his office. >> good luck. >>> ne
obama will hold a "fiscal cliff" summit with nancy pelosi, john boehner, mitch mcconnell and harry reid and today's meeting may be the last realistic chance to come to an agreement before the end of the year. >> here we are five days from the new year and we might finally start talking. >> i don't know how it could happen time-wise. >> it could make its way through procedural hurdles every time only if every senator agrees not slow down the process. of the house...
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Dec 29, 2012
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. >> reporter: senators harry reid and mitch mcconnell returned to the senate floor, pledging to work through the weekend. >> we are engaged in discussions, the majority leader and myself and the white house, in hopes that we can come forward as early as sunday and have a recommendation. >> we're gonna do the best we can for the caucuses we have and the country that's waiting for us to make a decision. >> reporter: democratic and republican leaders have agreed to extend jobless benefits and some tax increases. but the income threshold is not yet clear. the president and senate leaders are expressing optimism that they'll get the job done. but the president has a backup plan just in case. >> if an agreement isn't reached in time, between senator reid and senator mcconnell, then i will urge senator reid to bring to the floor a basic package for an up- or-down vote. >> reporter: that bare bones bill would preserve tax cuts for the middle class and extend unemployment benefits. it would also lay a foundation for a broader deal to come. danielle nottingham, cbs news, the white house. >>> w
. >> reporter: senators harry reid and mitch mcconnell returned to the senate floor, pledging to work through the weekend. >> we are engaged in discussions, the majority leader and myself and the white house, in hopes that we can come forward as early as sunday and have a recommendation. >> we're gonna do the best we can for the caucuses we have and the country that's waiting for us to make a decision. >> reporter: democratic and republican leaders have agreed to extend...
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Dec 28, 2012
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. >> reporter: president obama has invited nancy pelosi, john boehner, mitch mcconnell and harry reid to the white house this afternoon for a "fiscal cliff" summit. >> here we are five days from the new year, and we might finally start talking. >> reporter: today's white house meeting might be the last chance to come to an agreement. that's because it takes time for a bill to work its way through both chambers of congress. >> i don't know time-wise how it can happen now. >> reporter: under senate rules the only way a bill could make its way through the procedure hurdles in time is if every senator agrees not to slow the progress. the house will be back here sunday night giving them just more than 24 hours to vote on any bill the senate works out. outside the beltway, carlino will be watching. >> everybody's kind of in a wait-and-see and fingers crossed perspective right now. >> reporter: since 1930, this is only the fifth time congress has worked after christmas. tara mergener for cbs news, washington. >>> today's meeting will be the first time president obama and all four leaders of
. >> reporter: president obama has invited nancy pelosi, john boehner, mitch mcconnell and harry reid to the white house this afternoon for a "fiscal cliff" summit. >> here we are five days from the new year, and we might finally start talking. >> reporter: today's white house meeting might be the last chance to come to an agreement. that's because it takes time for a bill to work its way through both chambers of congress. >> i don't know time-wise how it can...
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Dec 31, 2012
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. >> reporter: the most recent offer came from republican senate leader mitch mcconnell at 7:00 p.m. saturday night. democrats promised they would get back to him this morning. but they didn't. >> it's now 2 p.m., and we've yet to receive a response to our good faith offer. >> reporter: sell cratic leader harry reid said the gulf over taxes was still too wide. and he signaled the white house might be tying his hands. >> i've had a number of conversations with the president. and this stage we're not able to make the counteroffer. >> reporter: so senator mcconnell called the vice president who he served with in the senate for 24 years. the two men spoke several times on sunday. >> i want em to know i'm willing to get this done. but i need a dance partner. >> reporter: democrats want to let the bush era tax cuts expire for household income over $250,000 a year. republican was rather set the cuttoff at around half a million dollars or keep the tax cuts in place for everyone. in an interview on nbc's meet the press president obama said the endless wrangling was not the democrat's fault. >
. >> reporter: the most recent offer came from republican senate leader mitch mcconnell at 7:00 p.m. saturday night. democrats promised they would get back to him this morning. but they didn't. >> it's now 2 p.m., and we've yet to receive a response to our good faith offer. >> reporter: sell cratic leader harry reid said the gulf over taxes was still too wide. and he signaled the white house might be tying his hands. >> i've had a number of conversations with the...
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Dec 30, 2012
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. >> reporter: senate republican leader mitch mcconnell left the capitol tight-lipped but smiling after working behind closed doors to avoid the so- called fiscal cliff. he and majority leader harry reid are working on a scaled- down agreement that focuses on avoiding a middle class tax hike. the plan is to prevent it to the full senate for a vote on sunday, then send it over to the house. house speaker john boehner was also at the capitol but left with no comment. both sides remain at odds over the democrats' insistence that the wealthy pay more in taxes. >> the president's tax hike would only fund the government for eight days. americans deserve to know, what does the president propose we do for the other 357 days of the year? >> reporter: president obama insists his plan on the table is fair. and it includes plenty of cuts to government spending. >> we just can't afford a politically self-inflicted wound to our economy. >> reporter: if sunday's negotiations don't pan out, the president says he's ready to propose his own scaled-back tax bill that would block tax increases for all but
. >> reporter: senate republican leader mitch mcconnell left the capitol tight-lipped but smiling after working behind closed doors to avoid the so- called fiscal cliff. he and majority leader harry reid are working on a scaled- down agreement that focuses on avoiding a middle class tax hike. the plan is to prevent it to the full senate for a vote on sunday, then send it over to the house. house speaker john boehner was also at the capitol but left with no comment. both sides remain at...
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Jan 1, 2013
01/13
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. >> three hours before the midnight dead line senate minority leader mitch mcconnel and joe biden emerge with taxing and spending. >> this is a mini cliff, big cliff still lies in front of us. big cliff. >> reporter: president obama had scolded congress for waiting so long. >> one thing we can count on with respect to this congress is that if there's even one second left before you have to do what you're supposed to do, they will use that last second. >> reporter: the bush era tax cuts remain in place for individuals earning as much as $400,000 a year and families $450,000 a year. far above the $250,000 on which president obama campaigned. those making more will see higher income taxes, capital gains and dividends rates. san francisco tax attorney rob wood says you will notice on the paycheck one popular tax cut will be history. >> say the average person earning $1,500 a year will earn $20 more in tax increases. >> reporter: it extends unemployment benefits for one year and keep the child tax credit for workers who don't earn enough to pay income taxes. and the alternative minimum tax go
. >> three hours before the midnight dead line senate minority leader mitch mcconnel and joe biden emerge with taxing and spending. >> this is a mini cliff, big cliff still lies in front of us. big cliff. >> reporter: president obama had scolded congress for waiting so long. >> one thing we can count on with respect to this congress is that if there's even one second left before you have to do what you're supposed to do, they will use that last second. >> reporter:...
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Jan 1, 2013
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three hours before the midnight deadline, senate majority leader mitch mcconnell and vice president joe biden emerged with a compromise on taxes and agreed to wait on slashing spending. >> this was the mini cliff. the big cliff still lies in front of us. >> reporter: president obama had scolded congress for waiting so long. >> one thing we can count on with respect to this congress is that if there's even one second left before you have to do what you're supposed to do, they will use that last second. >> reporter: the bush-era tax cuts remain in place for individuals earning as much as $400,000 a year, far above the 250,000 level on which president obama campaigned. but those making more will see higher income taxes, capital gains, plus a new health care reform surtax. rob wood says you'll notice in your paycheck one popular tax cut will be history. >> the average person, say, earning $50,000 a year is going to pay about $1,000 more in payroll taxes in 2013. >> reporter: the fiscal cliff agreement also increases taxes on estates worth more than $5 million and extends unemployment benefi
three hours before the midnight deadline, senate majority leader mitch mcconnell and vice president joe biden emerged with a compromise on taxes and agreed to wait on slashing spending. >> this was the mini cliff. the big cliff still lies in front of us. >> reporter: president obama had scolded congress for waiting so long. >> one thing we can count on with respect to this congress is that if there's even one second left before you have to do what you're supposed to do, they...
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Dec 28, 2012
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. >> president obama has invited nancy pelosi, john boehner, mitch mcconnell, and harry reid to the white house this afternoon for a fiscal cliff summit. >> here we are five days from the new year, and we might finally start talking. >> today's white house meeting might be the last chance to come to an agreement. that's because it takes time for a bill to work its way through both chamber of commerce. >> i don't know time wise how it can happen now. >> under senate rules, the only way a bill could make its way through the procedural hurdles in time is if every senator agrees not to. they'll have 24 hours. outside the beltway, carlino will be watching. >> everyone is kind of in a wait-and-see and fingers-crossed per expect tichb right now. >> since 1930 this is only the fifth time congress has worked after christmas. and today's summit is the first time president obama has met face to face with congressional leaders since mid-november. duarte, tick tock. >> thank you. >>> general schwarzkopf is being remembered this morning as a great hero and tactician. as teresa garcia the general died y
. >> president obama has invited nancy pelosi, john boehner, mitch mcconnell, and harry reid to the white house this afternoon for a fiscal cliff summit. >> here we are five days from the new year, and we might finally start talking. >> today's white house meeting might be the last chance to come to an agreement. that's because it takes time for a bill to work its way through both chamber of commerce. >> i don't know time wise how it can happen now. >> under senate...
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>>reporter: senators harry reid and mitch mcconnell returned to the senate floor, pledging to work through the weekend. >> we are engaged in discussions, the majority leader and myself and the white house, in the hopes that we can come forward as early as sunday and have a recommendation. >> we're going to do the best we can for the congresses we have and for the country that's waiting for us to make a decision. >>reporter: democratic and republican leaders have agreed to extend jobless benefits and some tax increases, but the income threshold is not yet clear. the president and senate leaders are expressing optimism that they'll get the job done, but the president has a backup plan just in case. >> if an agreement isn't reached in time between senator reid and senator mcconnell, then i will urge senator reid to bring to the floor a basic package for an up-or-down vote. >>reporter: that bear bones bill would preserve tax cuts for the middle class and extend unemployment benefits. it would also lay a foundation for a broader deal to come. danielle nottingham, cbs news, the white house. >>>
>>reporter: senators harry reid and mitch mcconnell returned to the senate floor, pledging to work through the weekend. >> we are engaged in discussions, the majority leader and myself and the white house, in the hopes that we can come forward as early as sunday and have a recommendation. >> we're going to do the best we can for the congresses we have and for the country that's waiting for us to make a decision. >>reporter: democratic and republican leaders have agreed...
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. >> reporter: house majority leader john boehner and senate minority leader mitch mcconnell were in the capital building today hoping to beat the deadline to the luge "fiscal cliff." >> got to get a deal? >> hope so. >> reporter: behind closed doors, senate leaders are cobbling together a pared down agreement that at least protects the middle class from tax increases january 1. it won't address deficit resit, across-the-board spending cuts or other issues. in both party addresses, it's clear a big sticking point remains. >> it's a balanced plan one that would protect the middle class, cut spending in a responsible way, and ask the wealthiest americans to pay more. >> the president's tax hike would only fund the government for 8 days. americans deserve to know what is the president proposing we do for the other 357 days of the year? >> reporter: both the house and the senate will be in session tomorrow. the senate is expected to take the lead and vote on the scaled back bill. then send it to the house. as many americans brace for the worst, patience is running out. >> they're playing
. >> reporter: house majority leader john boehner and senate minority leader mitch mcconnell were in the capital building today hoping to beat the deadline to the luge "fiscal cliff." >> got to get a deal? >> hope so. >> reporter: behind closed doors, senate leaders are cobbling together a pared down agreement that at least protects the middle class from tax increases january 1. it won't address deficit resit, across-the-board spending cuts or other issues. in...
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Dec 30, 2012
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. >> reporter: house majority leader john boehner and senate minority leader mitch mcconnell were at the capital today hoping to beat the deadline to the looming "fiscal cliff." behind closed doors, senate leaders are cobbling together a pared down agreement that at least protects the middle class from tax increases come january 1. the bill won't address the trillions in deficit reduction, sweeping reforms and federal spending, the u.s. tax code, or stop across-the-board spending cuts. in both parties' weekly addresses, it's clear a big sticking point remains. >> it's a balanced plan one that would protect the middle class, cut spending in a responsible way, and ask the wealthiest americans to pay a little more. >> the president's tax hike would only fund the government for eight days. americans deserve to know what is the president proposing we do for the other 357 days of the year. >> reporter: both the house and the senate will be in session tomorrow. the senate is expected to take the lead and vote on the scaled- back bill then send it to the house. as many americans brace for th
. >> reporter: house majority leader john boehner and senate minority leader mitch mcconnell were at the capital today hoping to beat the deadline to the looming "fiscal cliff." behind closed doors, senate leaders are cobbling together a pared down agreement that at least protects the middle class from tax increases come january 1. the bill won't address the trillions in deficit reduction, sweeping reforms and federal spending, the u.s. tax code, or stop across-the-board...
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. >> reporter: for the first time, republican leader mitch mcconnell described himself as hopeful and optimistic. ptime had a good meeting down at the white house. we are engaged in discussions, the majority leader and myself nd the white house, in the hopes that we can come forward as early as sunday and have a makemendation that i can make to my conference, and the majority leader can make to his conference. r: teporter: the progress came as members on both sides were growing doubtful congress could get anything done before the deadline. .ebraska democrat ben nelson: >> if we don't have a deal within the next 24 hours, the question is, where do you buy a parachute? it looks like we'd be going over we cliff. >> reporter: but leader reid had this warning about the shape of iddeal to come. >> everybody, whatever we come te with is going to be imperfect and some people aren't going to ren' it. some people will like it less, but that's where we are. >> reporter: up until now, reid and mcconnell have kind of been sitting on the sidelines as the ndesident and speaker boehner tried but fail
. >> reporter: for the first time, republican leader mitch mcconnell described himself as hopeful and optimistic. ptime had a good meeting down at the white house. we are engaged in discussions, the majority leader and myself nd the white house, in the hopes that we can come forward as early as sunday and have a makemendation that i can make to my conference, and the majority leader can make to his conference. r: teporter: the progress came as members on both sides were growing doubtful...
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. >> reporter: mitch mcconnell, the top republican in the senate, said it's reid who hasn't reached out for weeks. >> the phone never rang. and so now here we are, five days from the new year, and we might finally start talking. >> reporter: but talking about what? so far, reid has not introduced the scaled-down bill he was reportedly working on over the christmas holiday. sources say that bill would extend the bush-era tax cuts for americans making less than $250,000 a year. with the clock ticking, reid pointed a finger at the house of representatives, which still hasn't returned to washington. >> i can't imagine their consciences. they're out wherever they are around the country, and we're here trying to get something done. >> reporter: from his home in ohio, speaker boehner called on the house to come back this sunday, december 30. that's just one day before the fiscal cliff deadline when income tax cuts and payroll tax cuts are set to expire, $110 billion worth of spending cuts kick in, and two million jobless americans lose their unemployment benefits. for the first time, leader re
. >> reporter: mitch mcconnell, the top republican in the senate, said it's reid who hasn't reached out for weeks. >> the phone never rang. and so now here we are, five days from the new year, and we might finally start talking. >> reporter: but talking about what? so far, reid has not introduced the scaled-down bill he was reportedly working on over the christmas holiday. sources say that bill would extend the bush-era tax cuts for americans making less than $250,000 a year....
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Jan 1, 2013
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. >> reporter: vice president joe biden and senate minority leader mitch mcconnell have been trying to hammer out a last-minute agreement. they have agreed on a few issues, but both sides are making concessions. if the deal passes? >> it looks like democrats will keep popular items like a five-year extension on the child tax credit. it's for workers who do not earn enough to pay income taxes. also, the refundable credit for parents who have kids going to college should stay in place. that would help families pay for tuition costs that continue to rise across the nation. and for healthcare providers who treat medicare patients, about $30 billion will be expected to help pay the costs for at least one more year. but what most of us will have to pay, the payroll tax for social security. it is going up 2% starting tomorrow and that means if you earn $100,000 a year, you'll pay an extra $2,000 next year out of your paycheck. so it is possible but not probable that the senate will voted. the house is scheduled to reconvene tomorrow at noon so we are definitely going over the "fiscal cliff."
. >> reporter: vice president joe biden and senate minority leader mitch mcconnell have been trying to hammer out a last-minute agreement. they have agreed on a few issues, but both sides are making concessions. if the deal passes? >> it looks like democrats will keep popular items like a five-year extension on the child tax credit. it's for workers who do not earn enough to pay income taxes. also, the refundable credit for parents who have kids going to college should stay in...
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. >> reporter: vice president joe biden is apparently that person for senate minority leader mitch mcconnell. top level sources say the two are taking over talks. if nothing is resolved by midnight, tax rates for all americans will increase and democrats say it means about $2,000 for the average middle class family. >> one mom said to me in michigan, that's four months groceries. that's commuting back and forth to work and gas for up to three years. i mean, that's a lot of money. >> reporter: democrats want higher taxes on families earning $250,000 a year and over. republicans want tax rates to stay where they are. taxes seem to be the biggest obstacle to a compromise but others want to government -- others want to see government spending put in check. >> the president is doing nothing about the addiction that his administration, he is the spender in chief. >> reporter: president obama says he is willing to do that. >> i offered over a trillion dollars in additional spending cuts so we would have $2 cuts for every $1 of increased revenue. >> senate is in recess. >> reporter: the senate recon
. >> reporter: vice president joe biden is apparently that person for senate minority leader mitch mcconnell. top level sources say the two are taking over talks. if nothing is resolved by midnight, tax rates for all americans will increase and democrats say it means about $2,000 for the average middle class family. >> one mom said to me in michigan, that's four months groceries. that's commuting back and forth to work and gas for up to three years. i mean, that's a lot of money....
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Jan 1, 2013
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. >> reporter: senate republican leader mitch mcconnell said his mcconnthe-clock negotiations with vice president biden had t id off. >> i can report that we've reached an agreement on all of the tax -- the tax -- issues. >> reporter: first and foremost, the bush era tax cuts. ohe two sides agreed to extend them permanently for all household income under $400,000 a year for individuals, $450,000 foear for families. egotiators also agreed to prevent the alternative minimum tax on the wealthy from hitting and ions of middle class families every year by permanently adjusting it to inflation. and they agreed to hike the estate tax rate from 35% to 40%, but the first $5 million worth of inheritance would be exempt from taxation permanently. the breakthrough prompted relief inr many, including connecticut enator joe lieberman. >> i hope the negotiations going n now end with an agreement and h hope that we will pass it with a bipartisan majority, strong bipartisan majority in the useate and the house. ,> reporter: but others, chiefly ere angrans, were angry that the deal did not include a seri
. >> reporter: senate republican leader mitch mcconnell said his mcconnthe-clock negotiations with vice president biden had t id off. >> i can report that we've reached an agreement on all of the tax -- the tax -- issues. >> reporter: first and foremost, the bush era tax cuts. ohe two sides agreed to extend them permanently for all household income under $400,000 a year for individuals, $450,000 foear for families. egotiators also agreed to prevent the alternative minimum tax...
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Dec 28, 2012
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. >> reporter: president obama has invited nancy pelosi, john boehner, mitch mcconnell and harry reid to the white house this afternoon for a "fiscal cliff" summit. >> here we are five days from the new year, and we might finally start talking. >> reporter: today's white house meeting might be the last chance to come to an agreement. that's because it takes time for a bill to work its way through both chambers of congress. >> i don't know time-wise how it can happen now. >> reporter: under senate rules the only way a bill could make its way through the procedure hurdles in time is if every senator agrees not to slow the progress. the house will be back here sunday night giving them just more than 24 hours to vote on any bill the senate works out. outside the beltway, carlino will be watching. >> everybody's kind of in a wait-and-see and fingers crossed perspective right now. >> reporter: since 1930, this is only the fifth time congress has worked after christmas. tara mergener for cbs news, washington. >>> it is nearly 4:40 now. secretary of state hillary clinton plans to return to wo
. >> reporter: president obama has invited nancy pelosi, john boehner, mitch mcconnell and harry reid to the white house this afternoon for a "fiscal cliff" summit. >> here we are five days from the new year, and we might finally start talking. >> reporter: today's white house meeting might be the last chance to come to an agreement. that's because it takes time for a bill to work its way through both chambers of congress. >> i don't know time-wise how it can...
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12/12
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mcconnell. >> it's now 2:00 p.m. and we've yet to receive a response to our good faith offer. >> democratic leader harry reid said the gulf over taxes was still too wide, and he indicated the white house might be tying his hands. >> i've had a number of conversations with the president, and at this stage, we're not able to make a counteroffer. >> reporter: so senator mcconnell called the vice president, who he served with in the senate for 24 years. the two men spoke several times sunday. >> i want everyone to know i'm willing to get this done, but i need a dance partner. >> reporter: democrats want to let the bush-era tax cuts expire for all household incomes over $250,000 a year. republicans would rather set the cutoff at around $500,000 or keep the tax cuts in place for everyone. the two sides are also at odds over the estate tax rate which currently stands at 35% but is set to revert to 55%. even if senate leaders do strike a deal and pass a bill today, it would still need to go up for a vot
mcconnell. >> it's now 2:00 p.m. and we've yet to receive a response to our good faith offer. >> democratic leader harry reid said the gulf over taxes was still too wide, and he indicated the white house might be tying his hands. >> i've had a number of conversations with the president, and at this stage, we're not able to make a counteroffer. >> reporter: so senator mcconnell called the vice president, who he served with in the senate for 24 years. the two men spoke...
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Dec 28, 2012
12/12
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mcconnell and john boehner. no deal can be reached in past without their cooperation. with the meeting comes a glimmer of hope. in the past all the ifisical cliff talks meetings like this have been the least productive of all. whether he meant to or not the senate majority leader may have spoken for a nation exhausted by seemingly endless fiscal cliff negotiations. >> what's going on here? >> reporter: what indeed. president obama returned to the white house in a grim mood. he met with no congressional leaders and said nothing about his efforts to avert the fiscal cliff, talks continue between senior white house and congressional staff, but that's been true throughout this entire saga. with the deadline looming there were dire predictions. >> come the first of this year americans will have less income than they have today. >> reporter: and recriminations. >> now republicans have bent over backwards. we stepped way, way out of our comfort zone. we wanted an agreement. but we had no takers. >> reporter: the senate
mcconnell and john boehner. no deal can be reached in past without their cooperation. with the meeting comes a glimmer of hope. in the past all the ifisical cliff talks meetings like this have been the least productive of all. whether he meant to or not the senate majority leader may have spoken for a nation exhausted by seemingly endless fiscal cliff negotiations. >> what's going on here? >> reporter: what indeed. president obama returned to the white house in a grim mood. he met...
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Jan 1, 2013
01/13
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. >> reporter: vice president joe biden and senate minority leader mitch mcconnell have been trying to hammer out a last-minute agreement. they have agreed on a few issues but both sides are making concessions. if the deal passes, it looks like democrats will keep popular items like a five-year extension on the child tax credit. it's for workers who do not earn enough to pay income taxes. also, the refundable credit for parents who have children going to college should stay in place. that would help families pay for tuition costs that continue to rise across the nation. and for healthcare providers who treat medicare patients, about $30 billion will be expected to help pay the costs for at least one more year. but what most of us will have to pay, the payroll tax forestial security. it is going up 2 points starting tomorrow. and that means if you earn $100,000 a year, you will pay an extra $2,000 next year out of your paycheck. now, we're still baiting to hear details on the deal between the white house and the gop but what we do know is that we get a little bit of a reprieve because t
. >> reporter: vice president joe biden and senate minority leader mitch mcconnell have been trying to hammer out a last-minute agreement. they have agreed on a few issues but both sides are making concessions. if the deal passes, it looks like democrats will keep popular items like a five-year extension on the child tax credit. it's for workers who do not earn enough to pay income taxes. also, the refundable credit for parents who have children going to college should stay in place. that...
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Dec 28, 2012
12/12
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mcconnell and harry reid to reach agreements before tax hikes and spending cuts kick in january 1. >> we have been asking the president and the democrats to work with us on a bipartisan agreement for months. >> i don't know time wise how it can happen now. >> reporter: the senate majority leader wants house republicans to return from their vacations to approve a democratic senate plan that extends tax cuts for families making less than $250,000 a year. >> that's the only option that is viable escape route. >> reporter: but republican leaders say it's up to democrats who control the senate and white house to avert the "fiscal cliff." >> republicans aren't about to write a blank check for anything senate democrats put forward just because we find ourselves at the edge of the cliff. >> reporter: house members will return to capitol hill on sunday and could begin voting that night. they would have about 24 hours to approve a deal. adding to the urgency, treasury secretary timothy geithner warned congress that the nation's debt limit will be reached by december 31st and extraordinary meas
mcconnell and harry reid to reach agreements before tax hikes and spending cuts kick in january 1. >> we have been asking the president and the democrats to work with us on a bipartisan agreement for months. >> i don't know time wise how it can happen now. >> reporter: the senate majority leader wants house republicans to return from their vacations to approve a democratic senate plan that extends tax cuts for families making less than $250,000 a year. >> that's the only...
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Dec 25, 2012
12/12
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in past years senator mitch mcconnell stepped in and been able to negotiate a compromise. this time through twitter he's telling folks that he is not going to step in. he says that the president needs the lead. now our sources saying that senate majority leader harry reid is working on his own plan. it's a smaller package that he's working on. that package would avoid middle class tax hikes that would happen if this fiscal cliff deadline comes. his package also has some spending cuts. however the problem with his package is that he hasn't talked to any republicans. it's not a bipartisan package. he's working on this by himself to hopefully step in and maybe make a compromise himself. but begin this deadline's looming and you know tuesday is going to come pretty quickly. >> well, they need to get back to work. enjoy the holiday back to work tonight if not tomorrow. okay edward lawrence, thanks so much have a great holiday and thanks for that live interview. >>> well it is not just the fiscal cliff that we're closing in on. probably never heard of this one. there could be a
in past years senator mitch mcconnell stepped in and been able to negotiate a compromise. this time through twitter he's telling folks that he is not going to step in. he says that the president needs the lead. now our sources saying that senate majority leader harry reid is working on his own plan. it's a smaller package that he's working on. that package would avoid middle class tax hikes that would happen if this fiscal cliff deadline comes. his package also has some spending cuts. however...
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Dec 31, 2012
12/12
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. >> reporter: vice president joe biden is apparently that person for senate minority leader mitch mcconnell. top level sources say the two are taking over talks. if nothing is resolved by midnight tonight, tax rakes for all americans will increase. democrats say it means about $2,000 for the average middle class family. >> one mom said to me in michigan, that's four months groceries. that's commuting back and forth to work in gas for up to three years. i mean, that's a lot of money. >> reporter: democrats want higher taxes on families earning $250,000 a year and over. republicans want tax rates to stay where they are. taxes seem to be the biggest obstacle to a compromise but others want to see government spending put in check. >> the president is doing nothing about the addiction of his administration that he has to spending. he's the "spender-in-chief." >> reporter: president obama says he is willing to do that. >> i offered over a trillion dollars in additional spending cuts so that we would have $2 of spending cuts for every $1 of increased revenue. >> the senate is in recess. >> reporte
. >> reporter: vice president joe biden is apparently that person for senate minority leader mitch mcconnell. top level sources say the two are taking over talks. if nothing is resolved by midnight tonight, tax rakes for all americans will increase. democrats say it means about $2,000 for the average middle class family. >> one mom said to me in michigan, that's four months groceries. that's commuting back and forth to work in gas for up to three years. i mean, that's a lot of...
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Dec 31, 2012
12/12
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mitch mcconnell asked him to help out after talks stalled. with hours to go it's hard to tell if lawmakers will be able to agree to a watered down deal. lawmakers left the capital sunday night without a deal in place. but leaders from both parties expressed their willingness to continue working. >> there's still significant difference between the two sides but negotiations continue. >> he want everyone to know i'm willing to get it done but i need a dance partner. >> reporter: some progress was made sunday when republicans dropped a proposal to slow social security growth but the main sticking point between democrats and republicans continues to be over the threshold of tax increases. president obama campaigned on raising taxes on income over $250,000. while many congressional republicans have pushed back against any tax increases. president obama is placing the blame for the impasse on the gop. >> they say that their biggest priority is making sure that we deal with the deficit in a serious way but the way they're behaving is that their only
mitch mcconnell asked him to help out after talks stalled. with hours to go it's hard to tell if lawmakers will be able to agree to a watered down deal. lawmakers left the capital sunday night without a deal in place. but leaders from both parties expressed their willingness to continue working. >> there's still significant difference between the two sides but negotiations continue. >> he want everyone to know i'm willing to get it done but i need a dance partner. >> reporter:...